Pensions & ISAs

Pensions: There is no limit on the amount that may be contributed to a registered pension scheme. The maximum amount on which an individual can claim tax relief in any tax year is the greater of the individual's UK relevant earnings or £3,600.

If total pension input exceeds the annual allowance of £40,000 there may be a tax charge on the excess. This limit does not apply in the year that the full pension benefits are taken.

Maximum age for tax relief

74

Minimum age for taking benefits

55

Lifetime allowance charge

- lump sum paid

55%

- monies retained

25%

Up to 5 April 2015

From 6 April 2015

on cumulative benefits exceeding

£1,250,000 *

£1,000,000*

Maximum tax free lump sum

25%

25%

* Subject to transitional protection for excess amount.

ISAs - please seek financial advice with any investment

Overall investment limit - from 6 April 2017

£20,000

Help to Buy ISA monthly limit (£1,000 initial maximum deposit)

£200

Lifetime ISA

£4,000

Junior ISA - maximum contribution 2017-18

£4,128

Other Services

Income Tax Rates

Various personal allowances and tax rate bands, comparing last year with the current year.
Read more